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What is a trigger lead?
Where do triggers come from?
How is a mortgage trigger lead generated?
How do I use these?
Why is trigger data better than other types of leads or lists?
What is the cost per lead?
Is there a minimum lead order?
How many leads can I receive per day?
What filters are available?
Is there an extra cost for these filters?
Are the phone numbers scrubbed against the (DNC) Do Not Call List?
What percentage of phone numbers are good?
What is a SAN# and how do I get approved for one? FTC Subscription Account Number (SAN).
Do you sell aged Triggers ?
Are these leads exclusive?
Do you have a script I can use?
What kind of conversion ratios can I expect?
What is your lead return policy?
What are our payment options?
How are the leads delivered?
What is a firm (pre-approved / prescreened) offer of credit?
Do I need to make a firm offer using this data?
Will our name show up on the soft inquiry?
Why should we choose Virtual Lending Source?
How soon can I start receiving leads?
How can I get started?
How many leads can I receive per day?
You can set your own daily lead cap and decide how many leads you can comfortably handle. Our goal is to give you the best chance to close more loans. Imposing a minimum number of leads you must take in a day doesn’t serve your interest or ours.
Is there a minimum lead order?
Your minimum order is 500 leads. From years of experience, this is the minimum amount of leads to provide an accurate sample for higher conversion rates.
What is your lead return policy?
We will replace any lead with a bad phone number. Fax numbers do not count however because many lines are both a phone and a fax number.
What filters are available?
Lead parameters are available. You can select the FICO score, Mortgage Amounts, Geography, Revolving Debt Balances, and many more that make up your ideal candidate. When they apply for a mortgage, we send you the borrower’s information within 24 hours.
Is there an extra cost for these filters?
Virtual Lending Source never charges you extra for the filters that create your ideal borrower. Other companies that do are interested in their bottom line and not about helping you achieve yours.
All filters are included at no additional cost!
How is a mortgage trigger lead generated?
Once you have established your ideal criteria the bureau creates a "watch" list of all homeowners that fit the exact criteria you desire. When they have a mortgage inquiry which is generated when their credit is pulled, we send you the lead within 24 hours.
Are the phone numbers scrubbed against the (DNC) Do Not Call List?
Yes. Every lead with a phone number has been scrubbed against all state and federal do not call lists. Your company does have to obtain a Subscriber Account Number for all area codes in which the leads are provided. Information on registering with the FTC for a subscriber account number can be found by clicking on the link provided.
It is very easy to get set up and we will be happy to walk you through the process.
What percentage of phone numbers are good ?
Each day we pass the Trigger Lead phone numbers against the Federal Do-Not-Call Database. Any records with phone numbers on the Federal DNC Database are removed from the available leads. Doing so protects you from calling someone on the file. Please note that the phone numbers provided are those captured from the Credit Bureaus. There is no accuracy guarantee on our phone numbers. Dead numbers, fax lines, phone number reassignments are to be expected and telemarketers should expect a degree of disconnects in the range of 5% to as high as 22%
What is a SAN# and how do I get approved for one?
We will also need an FTC Subscription Account Number (SAN). Information on registering with the FTC for a subscriber account number can be found at https://telemarketing.donotcall.gov/Profile/Create.aspx.
The Do Not Call registry allows you to have 5 area codes for free and then charges you $62 per area code thereafter. Once you obtain your SAN, please fax us a copy of the "view area codes" page from the telemarketing.donotcall.gov website.
What is the cost per lead?
We have several packages to choose from starting from 500 leads at $1.95 per lead. You will take estimated 8 to 10 applications per 100 leads depending on many factors. Please ask about our monthly specials with leads as low as $0.36 each. 1000 leads at $1.75, 2500 leads at $1.50, 5000 leads at $1.26, 10,000 leads at $0.85, and 20,000 leads at $0.75 Contact one of our lead consultants now to help you choose the best package for your business. Bulk rate discounts available.
Do you sell aged triggers ?
NO! Aged triggers have consistently shown not to be worth the effort expended, do not yield consistent results, and do not offer a consistent ROI. Aged triggers, often called acquisition triggers are bundled leads that are “delivered to you daily” but are only pulled by the bureau on a weekly basis. They then parse out your leads on a daily basis, thus making it appear that it is a daily, 24 hour trigger. Some companies use the aged triggers to offer you a lower price and then hype it as a 24 hour trigger.
Are these leads exclusive?
There is no such thing as an exclusive trigger lead. Other lead companies use a play on words by stating "the leads we send to you are exclusively yours". You read that thinking that you are getting an exclusive lead. Nothing could be farther from the truth.
FCRA regulations and the bureaus own contracts state that this is one time use data for the sole use to the client is provided for. For that reason, they aren’t sending it to anyone else. The credit bureaus on the other hand are selling it to other companies.
Our clients consistently tell us they feel they are competing with 3-4 other companies. Virtual Lending Source suppresses your order across our database everyday ensuring that you will never get the same lead more than once, even if a borrower meeting your requirements has their credit pulled more than once. We do not sell any lead more than once.
Do you have a script I can use?
We gladly provided FCRA compliant scripts to all clients during our completion of the bureau related requirements when setting up your account.
Will our name show up on the soft inquiry?
Yes. In the contract there is a third party agreement directly from the credit bureau enabling you to receive prescreened credit data from Virtual Lending Source under our umbrella. You will be required to give a firm offer of credit. For more information visit FCRA.
What kind of conversion ratios can I expect?
From experience our customers have a 2-5% closing ratio.
Here is an example:
500 Trigger leads @ $2.00 - $1,000 invested.
2% conversion rate – 10 deals.
Averaging Funding Revenue - $40,000 (10 deals @ $4,000 each).
Net Profit – a whopping $38,500 returned!
The truth is…it varies. I have a 16 year old son and an 83 year old grandmother. If they both drive my car, the gas mileage is going to be dramatically different. Your mileage may vary too. The same is true with results. Your results will depend on a number of things: Here are just a few:
• Your skill on the phone. After all, it’s still a cold call.
• Your ability to demonstrate that you have a better or more compelling offer
• Your company’s competitiveness in the market (Can you close a loan faster, have more favorable terms, or can do difficult loans, etc.)
There isn’t a one size fits all answer to that question. Consider this though.
Our calculation above shows 10 closed loans per 500 leads – a 2% conversion rate. Assume for a moment that your results are lower.
If we took the worst case scenario and you closed only 1 loan from 500 trigger leads (it’s ridiculously low but I’m making a point), trigger data would still have you in a position that you more than doubled your investment.
While no lead program can guarantee results, use your common sense. If you could talk to 500 strangers who applied for a mortgage in the last 24 hours, how many do you think you could close? Why is trigger data better than other types of leads or lists?
The source is reputable. This data comes from the major credit bureaus. This data is exactly what they have on file for each borrower and confirmed homeowner nationwide.
This is information provided by a borrowers "estimate". How many times have you asked a borrower "how's your credit?" - to which they say "pretty good"...Only to find out their credit is awful, they have no equity, and you can't work with them!
This info isn't obtained by offering them an incentive. This information is generating when someone has filled out a 1003 and mortgage credit is being pulled.
A lot of internet leads offer a free gift if they fill out the web form that generates the lead. The result...they were never interested in getting a mortgage loan in the first place.
THEY ARE IN-MARKET FOR A LOAN RIGHT NOW. STOP GUESSING AND START CLOSING REAL BORROWERS WHO ARE LOOKING FOR A MORTGAGE RIGHT NOW!
NOBODY FILLS OUT A 1003 BECAUSE IT'S FUN - THEY DO IT BECAUSE THEY NEED A LOAN NOW!
What are our payment options?
Fax by Check, and we accept all major credit card o.
How are the leads delivered?
The leads are delivered daily via email. They are in an excel spreadsheet. Barring a delay of our daily trigger lead updates from the bureaus, most leads are delivered prior to noon in all time zones.
Where do triggers come from?
The credit bureaus themselves! All of our trigger data is of the highest quality, these data streams come from major credit bureaus Equifax & Experian & TransUnion. This data is exactly what they have on file for each borrower.
This is information provided by the credit bureau’s database system and is flagged by the borrowers “credit pull”. All the leads you will receive are from consumers that are in the market NOW. These people are looking for a mortgage and have filled out paperwork to have their credit pulled.
This info is not obtained by offering them an incentive, nor is generated from internet based leads. This trigger lead information is generated when someone has filled out a 1003 and a mortgage credit inquiry has been flagged by the credit bureaus.
There simply is no better leads service than this. The source and integrity of this data is unmatched. Give us a call and find out more about Mortgage Trigger Leads.
How do I use these?
Trigger leads are made to call! When a trigger lead is created you will know this persons name, their address, phone number along with many other attributes triggered by the actual credit behavior of your prospect. Now you get the chance to reach out and talk to people who are looking for a mortgage now. The best and first way to reach out your marketing is the telephone, when you reach out and talk to a person on the phone you have a chance to read this person, make a better judgment and write a loan. You will offer this person a firm offer of credit with the selections you have put into place. Trigger leads are the absolute best tool to reach out and talk to these people.
What is a trigger lead?
A mortgage trigger lead is simply a credit bureau derived lead based on live credit attributes triggered by the actual credit behavior of your prospect. It is highly specialized and targeted for individual client. A trigger lead is a hard inquiry into a person’s credit for the purposes of a mortgage. These are the best leads in the business. When a person wants a mortgage and goes to a loan officer, that loan officer will need to check that person’s credit. When that credit pull is submitted to the credit agencies it is flagged and the trigger lead is created. Mortgage trigger leads are generated daily so you know these consumers have just had their credit checked, specifically for a mortgage loan approval. All trigger data is filtered and scrubbed against the “do not call list” prior to purchase, so each person is allowable to be called and receives a pre-approval offer of credit from you. Simply give them a better offer and watch your closing ratios go through the roof.
Do I need to make a firm offer using this data?
As with all live credit based pre-screened data, a firm offer of commitment is required. We furnish approved telemarketing scripts meeting the Fair Credit Reporting Act standards. All additional scripts or direct mail pieces MUST be approved in writing PRIOR to ordering and using this data.
What is a firm (pre-approved / prescreened) offer of credit?
A firm offer of credit or insurance is defined as any offer of credit or insurance to a consumer that will be honored if the consumer is determined, based on the consumer's credit report, to meet the specific criteria used to select the consumer for the offer, subject to certain confirmation requirements. (See our compliance link for more detailed information).
How soon can I start receiving leads?
Leads will start within two (2) business days of receipt of all required documentation and receipt of payment.
How can I get started ?
Virtual Lending Source makes the initial process of accessing Mortgage Trigger Leads as easy as possible. Initial set-up involves completing and returning a Sign-Up Packet. In it, we'll ask you for information about your business, the geography and selects you will want for your leads, your DNC Registry information and how many leads you will want to receive per day. Additionally, we'll need your agreement to compliance for accessing credit data regarding firm offers of credit, and specific documentation verifying that you are a mortgage broker or banker. Prepayment is required before any leads are ordered. Simply email or call 800-400-9192 ext. 145 to receive your Sign-Up Packet.
Why should we choose Virtual Lending Source (VLS)?
We offer lower prices than our competitors because our data is compiled directly from the credit bureau and we are one of the largest data brokers in the country. We actually house Equifax and Trans Union data, which cuts out the middle man. Our data is fresh and we have proprietary software which allows us to track all data to ensure that all data is transferred exclusively to our clients in real time. We don’t require any long term commitments and we have done all compliance homework for you. Our knowledgeable and courteous customer service make the set up and delivery process Simple!
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